Fermi reports $189M Q1 loss, secures $785M equipment financing and 2+ GW power capacity

Fermi Inc. disclosed its financial results for the first quarter ended March 31, 2026 through an earnings release. The 8-K does not include the actual financial figures in the body text; those details are contained in the attached exhibits (99.1 earnings release and 99.2 investor presentation). A conference call is scheduled for May 14, 2026 at 8:00 am CT / 9:00 am ET to discuss the results.

Fermi reported construction progress at its Project Matador campus in Carson County, Texas. The company completed nearly 5 miles of natural gas lines, more than 11 miles of perimeter fencing, and over 7 miles of on-site water distribution lines. Both transmission systems were connected and will deliver power upon grid interconnection later in 2026. The first six Siemens SGT-800 gas turbines arrived at the Port of Houston and cleared customs.

The company expanded its Board from 5 to 7 members, is actively searching for a new CEO, and is establishing a new headquarters in Dallas, Texas. Anna Bofa and Jacobo Ortiz were named Co-Presidents and Office of the CEO, with Bofa joining from technology companies including Google, Dropbox, Pinterest, and Meta, and Ortiz previously serving as Fermi Chief Operating Officer. These governance changes signal a leadership transition as the company scales its operations.

Fermi reported a Q1 2026 net loss of $189 million, or $0.30 per share, with $7 million cash used in operations ($29 million excluding working capital changes). G&A expense totaled $166 million, including $134 million of non-cash share-based compensation. The company repaid $421 million of debt (Macquarie Term Loan), invested $441 million into property, plant and equipment (total PP&E net of $1.43 billion), and ended the quarter with $243 million in cash and restricted cash, including $208 million of available cash and cash equivalents.

The company disclosed a detailed power ramp schedule targeting 1.5 GW of cumulative power capacity by end of 2027, contingent on binding tenant agreements. The schedule includes 200 MW in 2026 (86 MW Xcel tie-in and 114 MW GE Vernova FR6B turbines in Q4) and an additional 1,258 MW in 2027 across multiple turbine platforms and an additional Xcel tie-in. The company has secured equipment financing commitments totaling nearly $1 billion from MUFG ($500 million for Siemens F-class turbines), Beal Bank ($165 million for Siemens SGT-800 turbines), Keystone ($120 million for electrical components), and Yorkville ($156 million promissory note for general corporate expenditures).

The company reported significant 180-day site development progress at Project Matador, including installation of 4.6 miles of natural gas lines, 11.3 miles of fencing, 7.2 miles of water lines, and preparation of approximately 11.4 million square feet (261 acres). Management stated it has renewed urgency in commercial conversations, is actively engaging with potential tenants, and expects to sign its first binding tenant agreement soon. The site spans over 7,500 acres with potential for over 15 million square feet of data center space.

Management identified securing adequate capital to fund liquidity needs, obtaining DOE Energy Dominance Financing approval, and ensuring REIT structure compliance as key priorities. This disclosure highlights the company's focus on capital access and regulatory compliance as it scales operations and pursues its development timeline.